The Vancouver-based retailer says it's expecting its gross profit margin to decrease further in the next quarter
VANCOUVER — Aritzia Inc. saw its net income for the first quarter fall to $17.5 million, almost half of its net income of $33.3 million a year earlier, amid inflationary headwinds and economic pressures on shoppers.
The company said its gross profit margin was lower due to higher product-related costs amid inflationary pressures, temporary warehousing costs related to inventory management, and other headwinds partially offset by lower expedited freight costs. "Results continued to be fuelled by our business in the United States," said CEO Jennifer Wong in the press release Tuesday.
"While we are seeing a more challenging consumer environment to start the second quarter ... we remain disciplined in making further progress against our Fiscal 2024 priorities," Wong said.
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